AI’s Disruption of Banking Is Inevitable – For Better or Worse

It is surprising how much ink is spilled on theories that banking is about to be wiped out by a tsunami called fintech, resulting in the alleged mass closure of banks and unemployment of financial services professionals. Last time I was in New York, Wall Street was intact and thriving and specialized financial crime lawyers like myself were busier than ever. Those fintech theories surprise me for two reasons. First, the law stands in the way of fintech displacing even one dollar of financial services. A fintech company is not a Brooklyn pizza stand – it cannot survive without being connected to the financial system, which requires a banking partner and a banking relationship. In other words, fintech cannot disrupt anything unless the banks and lawyers (as regulators) let them.…


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